Street Stats: 3 Numbers That Will Make Any Stock Market Bear Instantly Bullish

The bulls could use some reassuring data to chew on after Tuesday's market beat-down.

TheStreet has unearthed a dose of data on earnings season, thanks to Credit Suisse, that should calm those worrying about another 10% market correction. The fact remains that Corporate America is in fine health, with profit margins expanding at the hands of solid global growth and U.S. tax reform. While Caterpillar's (CAT) non-media friendly Chief Financial Officer tanked the market on Tuesday with comments on future demand, overall first-quarter earnings results are supportive of higher stock prices.

Did you see that Boeing (BA) quarter? How about the bullish comments on profits from Texas Instruments (TXN) Tuesday evening? They should go a long away to temporarily stabilizing a chip sector rout that has spurred a 7% drubbing for Action Alerts PLUS holding Apple (AAPL) during the last five sessions.

But here are those stats.

Stat 1: Profits Rocking

Credit Suisse's research finds that 80% of S&P 500 companies have topped their earnings per share estimates, the highest rate seen in 20 years. Earnings are beating Wall Street forecasts by 9.3% compared to the 4.7% rate notched over the past three years.

Stat 2: Double-Digit Earnings Growth in the Cards

Earnings per share is on pace for 24.4% growth for the first quarter assuming a typical beat rate for the remainder of the season, Credit Suisse says.

Stat 3: The Tax Law Change Impact Is Material

Notes Credit Suisse, "The recent tax change is adding 7.2% to the bottom-line. Excluding the reduction in tax burden, trend earnings per share growth is on pace for 17.2% vs. 24.4% when included."